The completion of the 660 million euro share capital increase through accelerated book building—that is, within a very short period of time—constitutes a strong vote of confidence in the Greek economy and GEK TERNA, company sources note.
The order book was covered within the first 15 minutes of the process, while in less than two hours it was oversubscribed six times.
The participation of almost exclusively foreign institutional investors highlights the international recognition of the strategy and growth prospects of the only infrastructure Group that has an investment grade rating from Moody’s and S&P.
The funds raised will be used to finance GEK TERNA’s development plan in the field of critical infrastructure, within and outside Greece, beyond its current business plan.
As the same sources note, the share capital increase strengthens the balance sheet against future financing needs and significantly enhances its creditworthiness. The choice of a share capital increase, instead of alternative financing tools, reflects the Group’s prudent financial policy and its commitment to maintaining strong credit metrics.
The increase in free float resulting from the SCI opens the way for GEK TERNA’s inclusion in the MSCI Developed Markets index, a development that will enhance liquidity and attract new capital from international portfolios.